High fees on FHA mortgages have helped push FHA’s market of financing for home purchases to the lowest level since the financial crisis, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. FHA mortgages were used to finance 18.2 percent of home purchases in September, based on a three-month moving average. That was down from a 21.9 percent share in September 2013 and 36.6 percent in May 2010, the highest level for FHA financing in the five-year history of HousingPulse. From 2008 through 2013, the Department of Housing and Urban Development increased...
The FHA has been reviewing the insurance premiums it charges and will do so again later this year as well as in 2015, said a top agency official, but whether this will lead to a reduction is unclear. Speaking at the annual convention of the Mortgage Bankers Association in Las Vegas this week, FHA Deputy Commissioner Biniam Gebre said the agency is “not done” with the premium issue and may revisit it in the next couple of months or perhaps next year. Gebre will temporarily replace FHA Commissioner Carol Galante, who is scheduled to leave the agency at the end of the week to join the faculty at the University of California in Berkeley. Galante headed...
An investor in GSE stock, Continental’s counsel in the case is Cooper & Kirk, the same law firm that represents Fairholme, a large hedge fund that bought up GSE stock last year.
We even heard one report that a non-QM firm is contemplating an initial public offering. It sounds crazy, we know…Meanwhile, it appears the states want a say in MSR transfers...
One mortgage executive added: “Watt is trying to do the right thing, but I’m not sure he will get there. It’s good to see the government admit that the pendulum went too far.”
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